Advantages and disadvantages 1.Fairness: Direct taxes are base on a persson’s income or wealth, so those who earn more pay more, which is seen as fair. 2.Progressive: Direct taxes are design to be progressive, meaning that the tax rate increases as the income or wealth of the taxpayer increases, which helps to reduce income inequality.… Read More »
Destination based tax When we refer to GST (Goods and Services Tax) as a destination-based tax. It implies that the tax is imposed at the final point of consumption for goods or services. The tax proceeds collecte by the state where the goods or services consumed, rather than the state where they produced. For more… Read More »
Which State Does Not Accept GST in India? In India, the Goods and Services Tax (GST) is a unified tax structure implemented to simplify the tax system across the country. However, one region stands apart: Jammu and Kashmir (J&K). While J&K does have a tax framework similar to GST, it does not fully accept the… Read More »
Paying tax for salt There is no tax imposed on salt in India. Salt is consider an essential commodity and is exempt from any form of taxation, including indirect taxes like the Goods and Services Tax (GST). This exemption is in place to ensure the availability and affordability of salt for all individuals in the… Read More »
Indirect Tax Indirect tax is a type of tax that is imposed on goods and services rather than on individuals or companies directly. The taxes often embed in the price of goods and services and typically collect by the supplier or seller of the goods or services on behalf of the government. Examples of the… Read More »
Tax Inclusive vs Tax Exclusive Both Tax inclusive and tax exclusive are two different methods of presenting the price of a product or service that includes or excludes taxes. Tax exclusive vs Tax inclusive can explain in details as follow: For more information to visit https://www.mca.gov.in Tax inclusives refers to the price of a product… Read More »
